3rd Quarter Results

3rd Quarter Results

TOTAL

TOTAL (Paris:FP) (LSE:TTA) (NYSE:TOT) :

Â	Â	3Q12	Â	Change vs 3Q11	Â	9M12	Â	Change vs 9M11
								Â
Adjusted net income1
								Â
in billion euros (B€)		3.3		+20%		9.3		+7%
in billion dollars (B$)		4.2		+6%		11.9		-3%
								Â
in euros per share		1.48		+19%		4.10		+6%
in dollars per share		1.85		+5%		5.25		-3%
								Â
Net income2 of 3.1 B€ in 3Q12 and 8.3 B€3 in the first nine months of 2012 Gearing ratio of 20.8% at September 30, 2012 Hydrocarbon production of 2,272 kboe/d in 3Q12 Interim dividend for 3Q12 of 0.59 €/share payable in March 20134

Commenting on the results, Chairman and CEO Christophe de Margerie said:

«Total reported adjusted net income of 3.3 billion euros for the third quarter 2012, an increase of 20% compared to the third quarter 2011, reflecting good performance across all segments.
In Upstream, the Group reaffirms its confidence in its outlook for profitable growth thanks to the ramp-up of recent start-ups and the progress of major projects in development. Notably, Total launched the development of the Tempa Rossa field in Italy this quarter. In exploration, the Group is entering a period rich with high-potential wells, notably in the Gulf of Mexico, Iraq, Ivory Coast, Kenya and Gabon, and is increasing its acreage in promising plays.
The quarter was also marked by a sharp increase in refining margins. The results of Refining & Chemicals increased by 54%, despite a turnaround at the Normandy refinery which is part of the modernization of one of the Group’s major integrated platforms and key to its strategy for the segment.
In line with the announced asset sale program, Total continued to optimize its portfolio during the quarter and, in particular, sold Upstream assets in the UK and Nigeria. The total proceeds for asset sales since the beginning of the year reached about 5 billion dollars, including the sale of the Group’s remaining shares of Sanofi.
These good results and the Group’s discipline reinforced its strong financial position this quarter. In a responsible and sustainable manner, Total is improving its competitiveness across all operational segments and remains focused on creating value through the Group’s new dynamic for growth.»

• Key figures⁵

3Q12	Â	2Q12	Â	3Q11	Â	3Q12 vs 3Q11	Â	in millions of euros except earnings per share and number of shares	Â	9M12	Â	9M11	Â	9M12 vs 9M11
49,890		49,135	Â	46,163		+8%		Sales		150,193		137,201		+9%
6,540		5,793	Â	5,881		+11%		Adjusted operating income from business segments		19,112		18,146		+5%
3,698		3,124	Â	2,950		+25%		Adjusted net operating income from business segments		10,079		9,214		+9%
2,891		2,560	Â	2,388		+21%		-- Upstream		8,507		7,750		+10%
564		383		367		+54%		-- Refining & Chemicals		1,008		813		+24%
243		181	Â	195		+25%		-- Supply & Marketing		564		651		-13%
3,348		2,858	Â	2,801		+20%		Adjusted net income		9,280		8,699		+7%
1.48		1.26	Â	1.24		+19%		Adjusted fully-diluted earnings per share (euros)		4.10		3.86		+6%
2,268		2,264	Â	2,261		-		Fully-diluted weighted-average shares (millions)		2,265		2,255		-
Â		Â		Â		Â		Â		Â		Â		Â
3,066		1,585	Â	3,314		-7%		Net income (Group share)		8,313		9,986		-17%
Â		Â		Â		Â		Â		Â		Â		Â
5,416		4,964	Â	3,921		+38%		Investments6		16,320		17,174		-5%
1,635		980	Â	5,082		-68%		Divestments		4,305		7,083		-39%
3,781		3,984	Â	(1,161)		n/a		Net investments		12,015		10,091		+19%
5,163		6,167	Â	5,964		-13%		Cash flow from operations		16,597		16,742		-1%
6,058		4,768	Â	4,575		+32%		Adjusted cash flow from operations		15,921		14,195		+12%
Â		Â		Â		Â		Â		Â		Â		Â
3Q12		2Q12	Â	3Q11		3Q12 vs 3Q11		in millions of dollars7 except earnings per share and number of shares		9M12		9M11		9M12 vs 9M11
62,375		62,962	Â	65,214		-4%		Sales		192,370		192,973		-
8,177		7,423	Â	8,308		-2%		Adjusted operating income from business segments		24,479		25,522		-4%
4,623		4,003	Â	4,167		+11%		Adjusted net operating income from business segments		12,909		12,959		-
3,614		3,280		3,374		+7%		-- Upstream		10,896		10,900		-
705		491		518		+36%		-- Refining & Chemicals		1,291		1,143		+13%
304		232	Â	275		+10%		-- Supply & Marketing		722		916		-21%
4,186		3,662	Â	3,957		+6%		Adjusted net income		11,886		12,235		-3%
1.85		1.62	Â	1.75		+5%		Adjusted fully-diluted earnings per share (dollars)		5.25		5.43		-3%
2,268		2,264	Â	2,261		-		Fully-diluted weighted-average shares (millions)		2,265		2,255		-
Â		Â		Â		Â		Â		Â		Â		Â
3,833		2,031	Â	4,682		-18%		Net income (Group share)		10,647		14,045		-24%
Â		Â		Â		Â		Â		Â		Â		Â
6,771		6,361		5,539		+22%		Investments6		20,903		24,155		-13%
2,044		1,256		7,179		-72%		Divestments		5,514		9,962		-45%
4,727		5,105		(1,640)		n/a		Net investments		15,389		14,193		+8%
6,455		7,902		8,425		-23%		Cash flow from operations		21,257		23,548		-10%
7,574		6,110		6,463		+17%		Adjusted cash flow from operations		20,392		19,965		+2%

• Highlights since the beginning of the third quarter 2012
  • Start-up of the Atla field in the Norwegian North Sea
  • Increased stake from 24% to 30% in the Ichthys LNG project in Australia
  • Exchange of assets in the Norwegian North Sea to increase Total’s interest in the Oseberg field and the Dagny field to 14.7% and 39.54%, respectively
  • Sold an indirect interest of 9.99% in Block 14 in Angola
  • Sold the Group’s remaining shares of Sanofi (1.3%)
  • Continued the optimization of the Refining & Chemicals portfolio with sale of a 40% interest in Géostock
  • Launched new development phase of the Yucal Placer gas field in Venezuela and the development of Tempa Rossa in Italy
  • Issued notice of commerciality for the Absheron gas discovery in Azerbaijan
  • New gas and condensate discovery on the King Lear prospect in the Norwegian North Sea
  • Acquired exploration licenses in Iraq, Bulgaria, Mozambique, Papua New Guinea, Philippines, Myanmar and Indonesia
  • Total became operator of the Xerelete block in the prolific pre-salt area of Brazil
  • Signed an agreement with Kogas for the purchase of 0.7 million metric tons per year of LNG from the Sabine Pass terminal for a duration of 20 years
• Results for the third quarter 2012

> Operating income from business segments

In the third quarter 2012, the Brent price averaged 109.5 $/b, a decrease of 3% compared to the third quarter 2011 and an increase of 1% compared to the second quarter 2012. The European refining margin indicator (ERMI) averaged 51 $/t for the third quarter 2012, compared to 13.4 $/t during the third quarter 2011. The favorable evolution of this indicator, having increased 34% compared to the second quarter 2012, is mainly due to higher levels of maintenance in European refineries and an increase in demand from the United States. In contrast, the environment for petrochemicals deteriorated in Europe compared to the second quarter 2012.

The euro-dollar exchange rate averaged 1.25 $/€ in the third quarter 2012, 1.41 $/€ in the third quarter 2011 and 1.28 $/€ in the second quarter 2012. Expressed in euros, the Brent price averaged 87.6 €/b, an increase of 9% compared to the third quarter 2011.

In this environment, the adjusted operating income⁸ from business segments was 6,540 M€, an increase of 11% compared to the third quarter 2011. Expressed in dollars, there was a decrease of 2%.

The effective tax rate⁹ for the business segments was 53.6% in the third quarter 2012 compared to 59.0% in the third quarter 2011, essentially due to a decrease in the effective tax rate for the Upstream and the increased contribution of downstream activities to the Group results.

Adjusted net operating income from the business segments was 3,698 M€ compared to 2,950 M€ in the third quarter 2011, an increase of 25%.

Expressed in dollars, adjusted net operating income from the business segments was 4.6 billion dollars (B$), an increase of 11% compared to the third quarter 2011. This increase essentially resulted from the good performance of Upstream and a strong improvement in the Refining & Chemicals results, which were supported by favorable margins.

> Net income (Group share)

Adjusted net income was 3,348 M€ in the third quarter 2012 compared to 2,801 M€ in the third quarter 2011, an increase of 20%. Expressed in dollars, adjusted net income increased by 6%.

Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value¹⁰, and special items:

• The after-tax inventory effect had a positive impact on net income of 524 M€ in the third quarter 2012 and a negative impact of 87 M€ in the third quarter 2011.
• Changes in fair value had a negative impact on net income of 6 M€ in the third quarter 2012 compared with a negative impact of 10 M€ in the third quarter 2011.
• Special items had a negative impact on net income of 800 M€ in the third quarter 2012, comprised essentially of an impairment to the value of assets in the Barnett in the US and a one-off tax of 4% on crude and refined product inventories, which were partially offset by gains on the sale of Sanofi shares. In the third quarter 2011, special items had a positive impact of 610 M€.

Net income (Group share) was 3,066 M€ compared to 3,314 M€ in the third quarter 2011.

The effective tax rate for the Group was 55.3% in the third quarter 2012. The company-paid 3% tax on dividends is accounted for starting in the third quarter, resulting in an increased charge of 80 M€ relating to dividends declared in the first and second quarters of 2012.

Adjusted fully-diluted earnings per share, based on 2,268 million fully-diluted weighted-average shares, increased by 19% to €1.48 compared to €1.24 in the third quarter 2011.

Expressed in dollars, adjusted fully-diluted earnings per share increased by 5% to $1.85.

> Investments – Divestments¹¹

Investments, excluding acquisitions and including changes in non-current loans, were 4.9 B€ (6.1 B$) in the third quarter 2012 compared to 3.3 B€ (4.7 B$) in the third quarter 2011.

Acquisitions were 294 M€ in the third quarter 2012, comprised essentially of the acquisition of exploration licenses in Iraq, specialty chemicals in Brazil, and a carry agreement in the Utica shale gas and condensates project in the US.

Asset sales in the third quarter 2012 were 1,416 M€, including mainly the sale of Sanofi shares and Upstream assets in the UK and Nigeria.

Net investments¹² were 3.8 B€ (4.7 B$) in the third quarter 2012 compared to -1.2 B€ (-1.6 B$) in the third quarter 2011.

> Cash flow

Cash flow from operations was 5,163 M€ in the third quarter 2012 compared to 5,964 M€ in the third quarter 2011, essentially resulting from a change in working capital requirements.

Adjusted cash flow from operations¹³ was 6,058 M€, an increase of 32% compared to the third quarter 2011. Expressed in dollars, adjusted cash flow from operations was 7.6 B$, an increase of 17%.

The Group’s net cash flow¹⁴ was 1,382 M€ compared to 7,125 M€ in the third quarter 2011. Expressed in dollars, the Group’s net cash flow was 1.7 B$ in the third quarter 2012 compared to 10.1 B$ in the third quarter 2011. This difference is mainly due to a very high level of divestments in third quarter 2011 and significant changes in working capital requirements.

• Results for the first nine months 2012

> Operating income

Compared to the first nine months of 2011, the average Brent was stable at 112.2 $/b. The European refining margin indicator (ERMI) averaged 36.7 $/t compared to 18.1 $/t in the first nine months of 2011.

The euro-dollar exchange rate averaged 1.28 $/€ compared to 1.41 $/€ in the first nine months of 2011. Expressed in euros, the Brent price averaged 87.6 €/b, an increase of 10% compared to the first nine months of 2011.

In this environment, the adjusted operating income from the business segments was 19,112 M€, an increase of 5% compared to the first nine months of 2011¹⁵.

The effective tax rate for the business segments was 56.4% in the first nine months of 2012 compared to 57.5% in the first nine months of 2011.

Adjusted net operating income from the business segments was 10,079 M€ compared to 9,214 M€ in the first nine months of 2011, an increase of 9%.

Expressed in dollars, adjusted net operating income from the business segments was stable. The improved results of Refining & Chemicals were offset by a lower contribution from Supply & Marketing, which was impacted by the sale of certain Marketing assets and the decreased results of New Energies.

> Net income (Group share)

Adjusted net income was 9,280 M€ in the first nine months of 2012, an increase of 7% compared to 8,699 M€ in the first nine months of 2011. Expressed in dollars, adjusted net income decreased by 3%.

Adjusted net income excludes the after-tax inventory effect, special items and the effect of changes in fair value¹⁶:

• The after-tax inventory effect had a positive impact on net income of 155 M€ in the first nine months of 2012 and a positive impact of 785 M€ in the first nine months of 2011.
• Changes in fair value had a negative impact on net income of 17 M€ in the first nine months 2012 and a positive impact of 12 M€ in the first nine months 2011.
• Special items had a negative impact on net income of 1,105 M€ in the first nine months of 2012 and a positive impact on net income of 490 M€ in the first nine months of 2011.

Net income (Group share) was 8,313 M€ compared to 9,986 M€ in the first nine months of 2011.

On September 30, 2012, there were 2,270 million fully-diluted shares compared to 2,263 million on September 30, 2011.

Adjusted fully-diluted earnings per share, based on 2,265 million fully-diluted weighted-average shares, was €4.10, an increase of 6% compared to the first nine months of 2011.

Expressed in dollars, adjusted fully-diluted earnings per share was $5.25 compared to $5.43 in the first nine months of 2011, a decrease of 3%.

> Investments – Divestments¹⁷

Investments, excluding acquisitions and including changes in non-current loans, were 13.2 B€ (16.9 B$) in the first nine months of 2012 compared to 9.6 B€ (13.5 B$) in the first nine months of 2011.

Acquisitions were 2.6 B€ (3.3 B$) in the first nine months of 2012, comprised essentially of the acquisition of interests in exploration and production licenses in Uganda, an additional 1.1% stake in Novatek, various exploration licenses, the minority interest in Fina Antwerp Olefins and the carry agreement in the Utica shale gas and condensates project in the US.

For the first nine months of 2012, asset sales were 3.7 B€ (4.7 B$), comprised essentially of sales of the remainder of the Group’s shares of Sanofi, a stake in the Gassled pipeline in Norway, Upstream assets in Nigeria, the UK and France, and stakes in Composites One in the US and Pec-Rhin in France.

Net investments were 12 B€ (15.4 B$) in the first nine months of 2012, compared to 10.1 B€ (14.2 B$) in the first nine months of 2011.

> Cash flow

Cash flow from operations was 16,597 M€ in the first nine months of 2012, a decrease of 1% compared to the first nine months of 2011.

Adjusted cash flow from operations¹⁸ was 15,921 M€, an increase of 12%. Expressed in dollars, adjusted cash flow from operations was 20.4 B$, an increase of 2%.

The Group’s net cash flow¹⁹ was 4,582 M€ compared to a 6,651 M€ in the first nine months of 2011. Expressed in dollars, the Group’s net cash flow was 5.9 B$ in the first nine months of 2012.

The net-debt-to-equity ratio was 20.8% on September 30, 2012, compared to 15.2% on September 30, 2011²⁰, in line with the Group’s target range.

• Analysis of business segment results

Upstream

> Environment – liquids and gas price realizations*

3Q12	Â	2Q12	Â	3Q11	Â	3Q12 vs 3Q11	Â	Â	Â	9M12	Â	9M11	Â	9M12 vs 9M11
109.5		108.3		113.4		-3%		Brent ($/b)		112.2		111.9		-
107.6		101.6		106.8		+1%		Average liquids price ($/b)		108.1		105.3		+3%
6.00		7.10		6.56		-9%		Average gas price ($/Mbtu)		6.68		6.44		+4%
75.8		76.0		75.3		+1%		Average hydrocarbons price ($/boe)		77.4		74.5		+4%

* consolidated subsidiaries, excluding fixed margins. Effective first quarter 2012, over/under-lifting valued at market prices.

> Production

3Q12	Â	2Q12	Â	3Q11	Â	3Q12 vs 3Q11	Â	Hydrocarbon production	Â	9M12	Â	9M11	Â	9M12 vs 9M11
2,272		2,261		2,319		-2%		Combined production (kboe/d)		2,302		2,333		-1%
1,225		1,218		1,176		+4%		-- Liquids (kb/d)		1,224		1,222		-
5,680		5,722		6,228		-9%		-- Gas (Mcf/d)		5,875		6,063		-3%

Hydrocarbon production was 2,272 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2012, a decrease of 2% compared to the third quarter 2011, essentially as a result of:

• +5.5% for start-ups and growth from new projects,
• -4.5% for normal decline and scheduled maintenance,
• -3% for incidents in the UK North Sea and Nigeria, and
• changes in the portfolio and price effect²¹ had little impact on the quarter.

In the first nine months of 2012, hydrocarbon production was 2,302 kboe/d, a decrease of 1.3% compared to the first nine months of 2011, essentially as a result of:

• +4.5% for start-ups and growth from new projects,
• +2% for changes in the portfolio, comprised essentially of an increased share of Novatek production and the impact of the sale of CEPSA and assets in the UK,
• -4% for normal decline and scheduled maintenance,
• -2.5% for incidents in the UK North Sea and Nigeria,
• -1.5% for disruptions related to security conditions in Yemen and the production shut-down in Syria, net of the positive effect of the return of production in Libya, and
• price effect²¹ had little impact.

> Results

Beginning on July 1, 2012, the Upstream segment no longer includes the activities of New Energies, which are now reported with Supply & Marketing. As a result, certain information has been restated according to the new organization.

3Q12	Â	2Q12	Â	3Q11	Â	3Q12 vs 3Q11	Â	in millions of euros	Â	9M12	Â	9M11	Â	9M12 vs 9M11
5,537		5,032		5,264		+5%		Adjusted operating income*		17,073		16,505		+3%
2,891		2,560		2,388		+21%		Adjusted net operating income*		8,507		7,750		+10%
578		433		443		+30%		includes income from equity affiliates		1,506		1,216		+24%
Â		Â		Â		Â		Â		Â		Â		Â
4,567		4,227		3,426		+33%		Investments		14,100		14,528		-3%
401		234		936		-57%		Divestments		1,383		2,192		-37%
3,457		5,298		4,042		-14%		Cash flow from operations		14,521		13,497		+8%
5,105		3,994		3,899		+31%		Adjusted cash flow from operations		13,812		12,210		+13%

* detail of adjustment items shown in the business segment information annex to financial statements.

Adjusted net operating income from the Upstream segment was 2,891 M€ in the third quarter 2012 compared to 2,388 M€ in the third quarter 2011, an increase of 21%. Expressed in dollars, the increase of 7% is explained principally by an increased contribution from equity affiliates and a lower effective tax rate.

The effective tax rate for the Upstream segment was 58.8% compared to 63.3% in the third quarter 2011, essentially due to a portfolio mix effect, including a more significant contribution from downstream gas activities, and the result of exiting the bénéfice consolidé (worldwide tax) reporting regime in the third quarter of 2011.

Adjusted net operating income from the Upstream segment in the first nine months of 2012 was 8,507 M€ compared to 7,750 M€ in the first nine months of 2011, an increase of 10%. Expressed in dollars, adjusted net operating income from the Upstream segment was 10,896 M$, stable compared to the first nine months of 2011.

The return on average capital employed (ROACE²²) for the Upstream segment was 20% for the twelve months ended September 30, 2012, and was 21% for the twelve months ended June 30, 2012 and for the full year 2011.

The annualized third quarter 2012 ROACE for the Upstream segment was 19%.

Refining & Chemicals

> Refinery throughput and utilization rates*

3Q12	Â	2Q12	Â	3Q11	Â	3Q12 vs 3Q11	Â	Â	Â	9M12	Â	9M11	Â	9M12 vs 9M11
1,790		1,878		1,922		-7%		Total refinery throughput (kb/d)		1,833		1,930		-5%
653		752		752		-13%		-- France		699		731		-4%
864		876		904		-4%		-- Rest of Europe		873		941		-7%
273		250		266		+3%		-- Rest of world		261		258		+1%
Â		Â		Â		Â		Utilization rates**		Â		Â		Â
82%		86%		77%				-- Based on crude only		83%		77%
86%		90%		81%		Â		-- Based on crude and other feedstock		88%		82%		Â

* includes share of CEPSA, through July 31, 2011, and of TotalErg. Results for refineries in South Africa, French Antilles and Italy are reported in the Supply & Marketing segment.
** based on distillation capacity at the beginning of the year

In the third quarter 2012, refinery throughput decreased by 7% compared to the third quarter 2011 and by 5% compared to the second quarter 2012. In the third quarter 2012, throughput was impacted mainly by scheduled maintenance relating to the modernization of the Normandy refinery and unscheduled maintenance, notably at the Antwerp refinery.

The utilization rate based on crude and other feedstock was 86% in the third quarter 2012 compared to 90% in the second quarter 2012 and 81% in the third quarter 2011.

In the first nine months of 2012, refinery throughput decreased by 5% compared to the first nine months of 2011, reflecting essentially scheduled maintenance in the first nine months of 2012 and the portfolio effect relating to the sale of the Group’s interest in CEPSA at the end of July 2011.

>  Results

3Q12	Â	2Q12	Â	3Q11	Â	3Q12 vs 3Q11	Â	in millions of euros (except the ERMI)	Â	9M12	Â	9M11	Â	9M12 vs 9M11
51.0		38.2		13.4		x3.8		European refining margin indicator - ERMI ($/t)		36.7		18.1		+103%
Â		Â		Â		Â		Â		Â		Â		Â
646		465		305		x2.1		Adjusted operating income*		1,064		739		+44%
564		383		367		+54%		Adjusted net operating income*		1,008		813		+24%
102		100		109		-6%		contribution of Specialty Chemicals**		290		348		-17%
Â		Â		Â		Â		Â		Â		Â		Â
441		501		423		+4%		Investments		1,371		1,286		+7%
55		7		2,422		-98%		Divestments		203		2,451		-92%
1,036		625		1,557		-33%		Cash flow from operations		1,625		2,795		-42%
771		599		425		+81%		Adjusted cash flow from operations		1,498		1,204		+24%

* detail of adjustment items shown in the business segment information annex to financial statements
** Hutchinson, Bostik, Atotech; including coatings and photocure resins until they were sold in July 2011

The ERMI averaged 51 $/t in the third quarter 2012, nearly quadruple the average of the third quarter 2011. In contrast, petrochemical margins further deteriorated in the third quarter because of weak demand in Europe and a slow-down in China.

Adjusted net operating income from the Refining & Chemicals segment was 564 M€ in the third quarter 2012, compared to 367 M€ in the third quarter 2011. This increase of 54% is explained essentially by a more favorable refining environment.

Adjusted net operating income from the Refining & Chemicals segment in the first nine months of 2012 was 1,008 M€, an increase of 24% compared to the first nine months of 2011. Expressed in dollars, adjusted net operating income was 1,291 M$, an increase of 13% compared to the first nine months of 2011. Improved refining margins in Europe explain this evolution notwithstanding the sale of the Group’s interest in CEPSA at the end of July 2011 and a weaker environment for petrochemicals in Europe.

The ROACE for the Refining & Chemicals segment was 7% for the twelve months ended September 30, 2012, compared to 5% for the twelve months ended June 30, 2012 and for the full year 2011.

The annualized third quarter 2012 ROACE for the Refining & Chemicals segment was 14%.

Supply & Marketing (including New Energies)

> Refined product sales

3Q12	Â	2Q12	Â	3Q11	Â	3Q12 vs 3Q11	Â	Sales in kb/d*	Â	9M12	Â	9M11	Â	9M12 vs 9M11
1,143		1,166		1,477		-23%		Europe		1,173		1,516		-23%
563		524		540		+4%		Rest of world		539		529		+2%
1,706		1,690		2,017		-15%		Total Supply & Marketing sales		1,712		2,045		-16%

* excludes trading and bulk refining sales, includes share of CEPSA, through July 31, 2011, and of TotalErg.

In the third quarter 2012, sales decreased by 15% compared to the third quarter 2011. This decrease was due to the sale of marketing activities in the UK, the sale of the Group’s interest in CEPSA in 2011, and weaker demand in Europe.

> Results

Effective July 1, 2012, Supply & Marketing includes the activities of New Energies. As a result, certain information has been restated according to the new organization.

3Q12	Â	2Q12	Â	3Q11	Â	3Q12 vs 3Q11	Â	in millions of euros	Â	9M12	Â	9M11	Â	9M12 vs 9M11
21,574		21,519		22,124		-2%		Sales		64,945		63,367		+2%
357		296		312		+14%		Adjusted operating income*		975		902		+8%
243		181		195		+25%		Adjusted net operating income*		564		651		-13%
(6)		(60)		(65)		n/a		contribution of New Energies		(183)		(121)		n/a
Â		Â		Â		Â		Â		Â		Â		Â
383		212		48		x8		Investments		793		1 289		-38%
41		20		1,380		-97%		Divestments		106		1 428		-93%
692		(140)		516		+34%		Cash flow from operations		108		407		-73%
202		367		259		-22%		Adjusted cash flow from operations		839		834		+1%

* detail of adjustment items shown in the business segment information annex to financial statements

Supply & Marketing sales were 21.6 B€, a decrease of 2% compared to the third quarter 2011.

Adjusted net operating income from the Supply & Marketing segment was 243 M€ in the third quarter 2012, an increase of 25% compared to the third quarter 2011, reflecting the improvement of the results of New Energies compared to the third quarter 2011 and good performance from marketing despite a weaker environment in Europe.

Adjusted net operating income from the Supply & Marketing segment was 564 M€ in the first nine months of 2012, a decrease of 13% compared to the first nine months of 2011. This decrease is explained principally by the sale of the Group’s interest in CEPSA at the end of July 2011, the sale of marketing assets in the UK at the end of 2011, and the decreased results of New Energies. Expressed in dollars, the adjusted net operating income was 722 M$, a decrease of 21% compared to the first nine months of 2011.

The ROACE for the Supply & Marketing segment was 10% for the twelve months ended September 30, 2012, compared to 9% for the twelve months ended June 30, 2012, and 13% for the full-year 2011.

The annualized third quarter 2012 ROACE for the Supply & Marketing segment was 12%.

• Summary and outlook

The ROACE for the Group for the twelve months ended September 30, 2012, was 16%, compared to 15% for the twelve months ended June 30, 2012, and 16% for the full-year 2011.

Return on equity for the twelve months ended September 30, 2012, was 17.7%.

In the Upstream segment, the anticipated start-ups of Angola LNG, Sulige in China, and Kashagan in Kazakhstan will contribute to production growth. Regarding Elgin, the Group has finished cementing the G4 well and is cooperating with British authorities with the goal of safely restarting production on Elgin-Franklin by year end. In Nigeria, the recent flooding has affected our installations at OML58, and these facilities stopped production on October 7. Total has established an assistance program to provide support to the local Nigerian population.

In addition, the Group is appraising its recent discoveries, notably in Azerbaijan and French Guiana, and the fourth quarter includes exploration wells in several promising plays, notably in the Gulf of Mexico, Iraq, Ivory Coast, Kenya and Gabon.

In Refining & Chemicals, throughput in the fourth quarter will be affected by ongoing scheduled maintenance in Normandy and unscheduled maintenance in Antwerp completed at the end of October.

Finally, the Group continues to actively manage its portfolio across all segments as it executes its asset sale program of 15-20 B$ for 2012-14.

The Board of Directors approved on October 30, 2012, a third quarter interim dividend of 0.59 € per share, payable on March 21, 2013. This interim dividend is unchanged versus the previous quarter and represents an increase of 3.5% compared to the third quarter 2011.

â–  â–  â– 

To listen to CFO Patrick de la Chevardière’s conference call with financial analysts today at 15:00 (Paris time) please log on to www.total.com or call +44 (0)203 367 9455 in Europe or +1 866 907 5925 in the US (code: 419 868). For a replay, please consult the website or call +44(0)203 367 9460 in Europe or +1 877 642 3018 in the US (code: 278 506).

The September 30, 2012 notes to the consolidated financial statements are available on the Total web site (www.total.com).This document may contain forward-looking statements, including within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL.

Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company’s financial results is provided in documents filed by the Group with the French Autorité des Marchés Financiers and the U.S. Securities and Exchange Commission (“SEC”).

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL.

Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods.

Adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Downstream and Chemicals segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
As from January 1, 2011, the effect of changes in fair value presented as an adjustment item reflects for some transactions differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
Furthermore, TOTAL, in its trading activities, enters into storage contracts, which future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this presentation, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, place Jean Millier – La Défense 6 – 92078 Paris – La Défense Cedex, France, or at our Web site: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s Web site: www.sec.gov.

Operating information by segment
for the third quarter and the first nine months of 2012

• Upstream

3Q12	Â	2Q12	Â	3Q11	Â	3Q12 vs 3Q11	Â	Combined liquids and gas production by region (kboe/d)	Â	9M12	Â	9M11	Â	9M12 vs 9M11
361		429		474		-24%		Europe		430		510		-16%
737		706		623		+18%		Africa		717		647		+11%
501		477		581		-14%		Middle East		496		578		-14%
71		69		68		+4%		North America		69		67		+3%
182		187		194		-6%		South America		184		190		-3%
230		213		232		-1%		Asia-Pacific		219		238		-8%
190		180		147		+29%		CIS		187		103		+82%
2,272		2,261		2,319		-2%		Total production		2,302		2,333		-1%
615		578		600		+3%		Includes equity affiliates		607		569		+7%
Â		Â		Â		Â		Â		Â		Â		Â
3Q12		2Q12		3Q11		3Q12 vs 3Q11		Liquids production by region (kb/d)		9M12		9M11		9M12 vs 9M11
179		199		234		-24%		Europe		201		246		-18%
587		573		481		+22%		Africa		575		505		+14%
323		310		316		+2%		Middle East		311		321		-3%
25		25		28		-11%		North America		25		29		-14%
56		60		67		-16%		South America		60		74		-19%
28		25		26		+8%		Asia-Pacific		26		27		-4%
27		26		24		+13%		CIS		26		20		+30%
1,225		1,218		1,176		+4%		Total production		1,224		1,222		-
316		311		312		+1%		Includes equity affiliates		309		323		-4%
Â		Â		Â		Â		Â		Â		Â		Â
3Q12		2Q12		3Q11		3Q12 vs 3Q11		Gas production by region (Mcf/d)		9M12		9M11		9M12 vs 9M11
1,011		1,264		1,299		-22%		Europe		1,255		1,441		-13%
763		674		720		+6%		Africa		722		724		-
971		916		1,430		-32%		Middle East		1,010		1,392		-27%
260		253		228		+14%		North America		252		219		+15%
650		759		707		-8%		South America		691		643		+7%
1,135		1,019		1,173		-3%		Asia-Pacific		1,076		1,194		-10%
890		837		671		+33%		CIS		869		450		+93%
5,680		5,722		6,228		-9%		Total production		5,875		6,063		-3%
1,618		1,445		1,560		+4%		Includes equity affiliates		1,612		1,331		+21%
															Â
Â		Â		Â		Â		Â		Â		Â		Â
3Q12		2Q12		3Q11		3Q12 vs 3Q11		Liquefied natural gas		9M12		9M11		9M12 vs 9M11
2.94		2.57 **		3.36		-13%		LNG sales* (Mt)		8.77		10.08		-13%

* sales, Group share, excluding trading; 2011 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2011 SEC coefficient
** restated number for 2Q12

• Downstream (Refining & Chemicals and Supply & Marketing)

3Q12	Â	2Q12	Â	3Q11	Â	3Q12vs 3Q11	Â	Refined product sales by region (kb/d)*	Â	9M12	Â	9M11	Â	9M12vs 9M11
1,979		2,060		2,358		-16%		Europe		2,030		2,360		-14%
411		401		403		+2%		Africa		401		390		+3%
535		509		474		+13%		Americas		495		505		-2%
399		508		505		-21%		Rest of world		497		490		+1%
3,324		3,478		3,740		-11%		Total consolidated sales		3,423		3,745		-9%
539		542		453		+19%		includes bulk sales		527		434		+21%
1,080		1,246		1,270		-15%		includes trading		1,184		1,266		-6%

* includes share of CEPSA, through July 31, 2011, and of TotalErg

Adjustment items

• Adjustments to operating income

3Q12	Â	2Q12	Â	3Q11	Â	in millions of euros	Â	9M12	Â	9M11
(1,362)		(89)		(326)		Special items affecting operating income		(1,516)		(389)
(16)		(48)		-		-- Restructuring charges		(64)		-
(1,134)		-		(245)		-- Impairments		(1,134)		(245)
(212)		(41)		(81)		-- Other		(318)		(144)
766		(1,384)		(112)		Pre-tax inventory effect : FIFO vs. replacement cost		228		1,157
(8)		11		(14)		Effect of changes in fair value		(22)		15
Â		Â		Â		Â		Â		Â
(604)		(1,462)		(452)		Total adjustments affecting operating income		(1,310)		783

• Adjustments to net income (Group share)

3Q12	Â	2Q12	Â	3Q11	Â	in millions of euros	Â	9M12	Â	9M11
(800)		(323)		610		Special items affecting net operating income (Group share)		(1,105)		490
202		73		1,054		-- Gain on asset sales		355		1,270
(33)		(40)		(56)		-- Restructuring charges		(73)		(56)
(737)		(18)		(251)		-- Impairments		(775)		(298)
(232)		(338)		(137)		-- Other		(612)		(426)
524		(959)		(87)		After-tax inventory effect : FIFO vs. replacement cost		155		785
(6)		9		(10)		Effect of changes in fair value		(17)		12
Â		Â		Â		Â		Â		Â
(282)		(1 273)		513		Total adjustments affecting net income		(967)		1,287

Effective tax rates

3Q12	Â	2Q12	Â	3Q11	Â	Effective tax rate*	Â	9M12	Â	9M11
58.8%		58.0%		63.3%		Upstream		59.4%		60.7%
55.3%		56.1%		57.9%		Group		57.5%		57.6%

* tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates, dividends received from investments, and impairments of acquisition goodwill + tax on adjusted net operating income)

Investments - Divestments

3Q12	Â	2Q12	Â	3Q11	Â	3Q12 vs 3Q11	Â	in millions of euros	Â	9M12	Â	9M11	Â	9M12 vs 9M11
4,903		4,381		3,349		+46%		Investments excluding acquisitions*		13,156		9,603		+36%
303		319		287		+6%		Capitalized exploration		972		746		+30%
455		231		93		x5		Change in non-recurrent loans**		845		95		x9
294		437		445		-34%		Acquisitions		2,564		6,982		-63%
5,197		4,818		3,794		+37%		Investments including acquisitions*		15,720		16,585		-5%
1,416		834		4,955		-71%		Asset sales		3,705		6,494		-43%
3,781		3,984		(1,161)		n/a		Net investments**		12,015		10,091		+19%
Â		Â		Â		Â		Â		Â		Â		Â
3Q12		2Q12		3Q11		3Q12 vs 3Q11		in millions of dollars***		9M12		9M11		9M12 vs 9M11
6,130		5,614		4,731		+30%		Investments excluding acquisitions*		16,850		13,507		+24%
379		409		405		-6%		Capitalized exploration		1,245		1,049		+19%
569		296		131		x4		Change in non-recurrent loans**		1,082		134		x8
368		560		629		-41%		Acquisitions		3,284		9,820		-67%
6,498		6,174		5,360		+21%		Investments including acquisitions*		20,134		23,327		-14%
1,770		1,069		7,000		-75%		Asset sales		4,745		9,134		-48%
4,727		5,105		(1,640)		n/a		Net investments**		15,389		14,193		+8%

* includes changes in non-current loans.
** includes net investments in equity affiliates and non-consolidated companies + net financing for employee-related stock purchase plans.
*** dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

Net-debt-to-equity ratio

in millions of euros	Â	09/30/2012	Â	06/30/2012	Â	09/30/2011
Current borrowings		10,647		10,642		10,406
Net current financial assets		(1,493)		(1,552)		(923)
Non-current financial debt		24,606		23,260		22,415
Hedging instruments of non-current debt		(1,796)		(1,886)		(2,012)
Cash and cash equivalents		(16,833)		(14,998)		(19,942)
Net debt		15,131		15,466		9,944
Â		Â		Â		Â
Shareholders’ equity		72,789		72,103		65,290
Estimated dividend payable		(1,291)		(1,299)		(1,254)
Non-controlling interests		1,275		1,256		1,467
Equity		72,773		72,060		65,503
Â		Â		Â		Â
Net-debt-to-equity ratio		20.8%		21.5%		15.2%

2012 Sensitivities*

Â	Â	Scenario	Â	Change	Â	Impact on adjusted operating income(e)	Â	Impact on adjusted net operating income(e)
Dollar		1.40 $/€		+0.1 $ per €		-1.8 B€		-0.95 B€
Brent		100 $/b		+1 $/b		+0.25 B€ / 0.35 B$		+0.11 B€ / 0.15 B$
European refining margins (ERMI)		25 $/t		+1 $/t		+0.06 B€ / 0.08 B$		+0.04 B€ / 0.05 B$

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. The impact of the €-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 75% respectively.

Return on average capital employed

• Twelve months ended September 30, 2012

in millions of euros	Â	Upstream	Â	Refining & Chemicals	Â	Supply & Marketing	Â	Group
Adjusted net operating income	Â	11,359	Â	1,043	Â	726		12,621
Capital employed at 09/30/2011*		49,791		14,692		7,253		72,764
Capital employed at 09/30/2012*	Â	63,293	Â	16,413	Â	7,800		85,003
ROACE	Â	20.1%	Â	6.7%	Â	9.6%		16.0%

• Twelve months ended June 30, 2012

in millions of euros	Â	Upstream	Â	Refining & Chemicals	Â	Supply & Marketing	Â	Group
Adjusted net operating income	Â	10,856	Â	846	Â	678		12,073
Capital employed at 06/30/2011*		45,456		16,672		7,402		72,843
Capital employed at 06/30/2012*	Â	59,254	Â	16,558	Â	8,204		85,167
ROACE	Â	20.7%	Â	5.1%	Â	8.7%		15.3%

• Full-year 2011

in millions of euros	Â	Upstream	Â	Refining & Chemicals	Â	Supply & Marketing	Â	Group
Adjusted net operating income	Â	10,602	Â	848	Â	813		12,045
Capital employed at 12/31/2010*		43,671		17,265		5,909		70,866
Capital employed at 12/31/2011*	Â	57,331	Â	15,883	Â	6,999		81,066
ROACE	Â	21.0%	Â	5.1%	Â	12.6%		15.9%

* at replacement cost (excluding after-tax inventory effect)

¹ Adjusted results defined on page 2 - dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period: 1.2502 $/€ for 3Q12, 1.4127 $/€ for 3Q11, 1.2814 $/€ for 2Q12, 1.2808 $/€ for the first nine months of 2012, and 1.4065 $/€ for the first nine months of 2011.

² Net income, Group share.

³ includes positive impact of after-tax inventory effect of 524 M€ in the third quarter 2012. Details of adjustments on pages 4 and 17.

⁴ The ex-dividend date for the interim dividend will be March 18, 2013 and the payment date will be March 21, 2013.

⁵ Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 17 and the inventory valuation effect is explained on page 14.

⁶ including acquisitions

⁷ Dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

⁸ Special items affecting operating income from the business segments had a negative impact of 1,362 M€ in the third quarter 2012 and a negative impact of 326 M€ in the third quarter 2011.

⁹ Defined as: (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).

¹⁰ Adjustment items explained on page 14.

¹¹ Detail shown on page 18.

¹² Net investments = investments including acquisitions and changes in non-current loans – asset sales.

¹³ Cash flow from operations at replacement cost before changes in working capital.

¹⁴ Net cash flow = cash flow from operations - net investments.

¹⁵ Special items affecting operating income from the business segments had a negative impact of 1,428 M€ in the first nine months of 2012 and a negative impact of 389 M€ in the first nine months of 2011.

¹⁶ Adjustment items explained on page 14.

¹⁷ Detail shown on page 18.

¹⁸ Cash flow from operations at replacement cost before changes in working capital.

¹⁹ Net cash flow = cash flow from operations - net investments.

²⁰ Detail shown on page 19.

²¹ impact of changing hydrocarbon prices on entitlement volumes

²² Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.

Total financial statements
_______________

Third quarter 2012 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

(M€) (a)	Â	3rd quarter 2012	Â	2nd quarter 2012	Â	3rd quarter 2011
Sales		49,890		49,135		46,163
Excise taxes		(4,411)		(4,559)		(4,638)
Revenues from sales		45,479		44,576		41,525
						Â
Purchases, net of inventory variation		(30,609)		(32,294)		(29,018)
Other operating expenses		(5,528)		(5,827)		(5,061)
Exploration costs		(317)		(269)		(242)
Depreciation, depletion and amortization of tangible assets and mineral interests		(3,246)		(2,028)		(1,873)
Other income		474		225		1,334
Other expense		(129)		(451)		(212)
						Â
Financial interest on debt		(154)		(170)		(262)
Financial income from marketable securities & cash equivalents		8		24		114
Cost of net debt		(146)		(146)		(148)
						Â
Other financial income		141		209		108
Other financial expense		(135)		(118)		(115)
						Â
Equity in net income (loss) of affiliates		641		436		497
						Â
Income taxes		(3,488)		(2,701)		(3,448)
Consolidated net income		3,137		1,612		3,347
Group share		3,066		1,585		3,314
Non-controlling interests		71		27		33
Earnings per share (€)		1.36		0.70		1.47
Fully-diluted earnings per share (€)		1.35		0.70		1.47

^(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL
(unaudited)

(M€)	Â	3rd quarter 2012	Â	2nd quarter 2012	Â	3rd quarter 2011
Consolidated net income		3,137		1,612		3,347
Other comprehensive income
Currency translation adjustment		(1,007)		2,360		2,309
Available for sale financial assets		(183)		(93)		(389)
Cash flow hedge		33		(67)		(54)
Share of other comprehensive income of associates, net amount		86		(57)		(131)
Other		(2)		(7)		(2)
						Â
Tax effect		37		46		82
Total other comprehensive income (net amount)		(1,036)		2,182		1,815
Â		Â		Â		Â
Comprehensive income		2,101		3,794		5,162
- Group share		2,061		3,718		5,077
- Non-controlling interests		40		76		85

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

(M€) (a)	Â	9 months 2012	Â	9 months 2011
Sales		150,193		137,201
Excise taxes		(13,363)		(13,609)
Revenues from sales		136,830		123,592
				Â
Purchases, net of inventory variation		(94,944)		(84,659)
Other operating expenses		(16,447)		(14,567)
Exploration costs		(942)		(680)
Depreciation, depletion and amortization of tangible assets and mineral interests		(7,112)		(5,090)
Other income		988		1,665
Other expense		(676)		(409)
				Â
Financial interest on debt		(511)		(557)
Financial income from marketable securities & cash equivalents		67		216
Cost of net debt		(444)		(341)
				Â
Other financial income		435		518
Other financial expense		(389)		(327)
				Â
Equity in net income (loss) of affiliates		1,618		1,447
				Â
Income taxes		(10,494)		(10,952)
Consolidated net income		8,423		10,197
Group share		8,313		9,986
Non-controlling interests		110		211
Earnings per share (€)		3.69		4.45
Fully-diluted earnings per share (€)		3.67		4.43

^(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL
(unaudited)

(M€)	Â	9 months 2012	Â	9 months 2011
Consolidated net income		8,423		10,197
Other comprehensive income
Currency translation adjustment		299		(335)
Available for sale financial assets		(342)		41
Cash flow hedge		36		(89)
Share of other comprehensive income of associates, net amount		191		(234)
Other		(15)		(4)
				Â
Tax effect		72		53
Total other comprehensive income (net amount)		241		(568)
Â		Â		Â
Comprehensive income		8,664		9,629
- Group share		8,562		9,433
- Non-controlling interests		102		196

CONSOLIDATED BALANCE SHEET

TOTAL

(M€)	Â	September 30, 2012 (unaudited)	Â	June 30, 2012 (unaudited)	Â	December 31, 2011	Â	September 30, 2011 (unaudited)
								Â
ASSETS
								Â
Non-current assets
Intangible assets, net		12,964		13,847		12,413		10,280
Property, plant and equipment, net		70,583		69,868		64,457		59,729
Equity affiliates : investments and loans		14,413		13,911		12,995		11,455
Other investments		1,181		2,222		3,674		3,767
Hedging instruments of non-current financial debt		1,796		1,886		1,976		2,012
Other non-current assets		5,215		4,850		4,871		4,248
Total non-current assets		106,152		106,584		100,386		91,491
Current assets
Inventories, net		17,266		17,111		18,122		16,024
Accounts receivable, net		20,331		19,768		20,049		18,786
Other current assets		11,377		10,435		10,767		7,938
Current financial assets		1,726		1,723		700		1,172
Cash and cash equivalents		16,833		14,998		14,025		19,942
Total current assets		67,533		64,035		63,663		63,862
Assets classified as held for sale		-		-		-		1,630
Total assets		173,685		170,619		164,049		156,983
								Â
LIABILITIES & SHAREHOLDERS' EQUITY
								Â
Shareholders' equity
Common shares		5,915		5,911		5,909		5,909
Paid-in surplus and retained earnings		70,703		69,181		66,506		65,862
Currency translation adjustment		(487)		401		(988)		(3,091)
Treasury shares		(3,342)		(3,390)		(3,390)		(3,390)
Total shareholders' equity - Group Share		72,789		72,103		68,037		65,290
Non-controlling interests		1,275		1,256		1,352		1,467
Total shareholders' equity		74,064		73,359		69,389		66,757
Non-current liabilities
Deferred income taxes		13,167		12,380		12,260		10,601
Employee benefits		1,987		2,005		2,232		2,180
Provisions and other non-current liabilities		11,170		11,264		10,909		8,920
Non-current financial debt		24,606		23,260		22,557		22,415
Total non-current liabilities		50,930		48,909		47,958		44,116
Current liabilities
Accounts payable		20,869		20,448		22,086		18,753
Other creditors and accrued liabilities		16,942		17,090		14,774		16,361
Current borrowings		10,647		10,642		9,675		10,406
Other current financial liabilities		233		171		167		249
Total current liabilities		48,691		48,351		46,702		45,769
Liabilities directly associated with the assets classified as held for sale		-		-		-		341
Total liabilities and shareholders' equity		173,685		170,619		164,049		156,983

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited)

(M€)	Â	3rd quarter 2012	Â	2nd quarter 2012	Â	3rd quarter 2011
CASH FLOW FROM OPERATING ACTIVITIES
						Â
Consolidated net income		3,137		1,612		3,347
Depreciation, depletion and amortization		3,413		2,164		2,062
Non-current liabilities, valuation allowances and deferred taxes		803		(99)		312
Impact of coverage of pension benefit plans		-		(362)		-
(Gains) losses on sales of assets		(419)		(165)		(1,282)
Undistributed affiliates' equity earnings		(135)		193		(34)
(Increase) decrease in working capital		(1,661)		2,783		1,501
Other changes, net		25		41		58
Cash flow from operating activities		5,163		6,167		5,964
						Â
CASH FLOW USED IN INVESTING ACTIVITIES
						Â
Intangible assets and property, plant and equipment additions		(4,512)		(4,128)		(3,802)
Acquisitions of subsidiaries, net of cash acquired		(74)		(4)		170
Investments in equity affiliates and other securities		(156)		(455)		(69)
Increase in non-current loans		(674)		(377)		(220)
Total expenditures		(5,416)		(4,964)		(3,921)
Proceeds from disposal of intangible assets and property, plant and equipment		274		95		213
Proceeds from disposal of subsidiaries, net of cash sold		1		-		399
Proceeds from disposal of non-current investments		1,141		739		4,343
Repayment of non-current loans		219		146		127
Total divestments		1,635		980		5,082
Cash flow used in investing activities		(3,781)		(3,984)		1,161
						Â
CASH FLOW USED IN FINANCING ACTIVITIES
						Â
Issuance (repayment) of shares:
- Parent company shareholders		1		-		77
- Treasury shares		(68)		-		-
Dividends paid:
- Parent company shareholders		(1,282)		(1,284)		(1,283)
- Non-controlling interests		(2)		(96)		(35)
Other transactions with non-controlling interests		-		1		-
Net issuance (repayment) of non-current debt		2,062		1,409		1,034
Increase (decrease) in current borrowings		(98)		(693)		(2,541)
Increase (decrease) in current financial assets and liabilities		(31)		(10)		1,999
Cash flow used in financing activities		582		(673)		(749)
Net increase (decrease) in cash and cash equivalents		1,964		1,510		6,376
Effect of exchange rates		(129)		158		179
Cash and cash equivalents at the beginning of the period		14,998		13,330		13,387
Cash and cash equivalents at the end of the period		16,833		14,998		19,942

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited)

(M€)	Â	9 months 2012	Â	9 months 2011
CASH FLOW FROM OPERATING ACTIVITIES
				Â
Consolidated net income		8,423		10,197
Depreciation, depletion and amortization		7,680		5,591
Non-current liabilities, valuation allowances and deferred taxes		1,068		1,160
Impact of coverage of pension benefit plans		(362)		-
(Gains) losses on sales of assets		(865)		(1,517)
Undistributed affiliates' equity earnings		92		(157)
(Increase) decrease in working capital		448		1,390
Other changes, net		113		78
Cash flow from operating activities		16,597		16,742
				Â
CASH FLOW USED IN INVESTING ACTIVITIES
				Â
Intangible assets and property, plant and equipment additions		(13,867)		(12,391)
Acquisitions of subsidiaries, net of cash acquired		(199)		(809)
Investments in equity affiliates and other securities		(809)		(3,290)
Increase in non-current loans		(1,445)		(684)
Total expenditures		(16,320)		(17,174)
Proceeds from disposal of intangible assets and property, plant and equipment		936		839
Proceeds from disposal of subsidiaries, net of cash sold		35		570
Proceeds from disposal of non-current investments		2,734		5,085
Repayment of non-current loans		600		589
Total divestments		4,305		7,083
Cash flow used in investing activities		(12,015)		(10,091)
				Â
CASH FLOW USED IN FINANCING ACTIVITIES
				Â
Issuance (repayment) of shares:
- Parent company shareholders		32		481
- Treasury shares		(68)		-
Dividends paid:
- Parent company shareholders		(3,852)		(3,855)
- Non controlling interests		(100)		(97)
Other transactions with non-controlling interests		1		59
Net issuance (repayment) of non-current debt		5,135		3,940
Increase (decrease) in current borrowings		(1,892)		(2,253)
Increase (decrease) in current financial assets and liabilities		(970)		365
Cash flow used in financing activities		(1,714)		(1,360)
Net increase (decrease) in cash and cash equivalents		2,868		5,291
Effect of exchange rates		(60)		162
Cash and cash equivalents at the beginning of the period		14,025		14,489
Cash and cash equivalents at the end of the period		16,833		19,942

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

TOTAL

(unaudited)

	Â	Common shares issued			Â	Paid-in surplus and retained earnings	Â	Currency translation adjustment	Â	Treasury shares			Â	Shareholders' equity Group Share	Â	Non-controlling interests	Â	Total shareholders' equity
(M€)		Number	Â	Amount		Â		Â		Number	Â	Amount		Â		Â		Â
As of January 1, 2011		2,349,640,931		5,874		60,538		(2,495)		(112,487,679)		(3,503)		60,414		857		61,271
Net income of the first nine months		-		-		9,986		-		-		-		9,986		211		10,197
Other comprehensive Income		-		-		45		(598)		-		-		(553)		(15)		(568)
Comprehensive Income		-		-		10,031		(598)		-		-		9,433		196		9,629
Dividend		-		-		(5,173)		-		-		-		(5,173)		(97)		(5,270)
Issuance of common shares		14,112,010		35		446		-		-		-		481		-		481
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		(113)		-		2,931,034		113		-		-		-
Share-based payments		-		-		124		-		-		-		124		-		124
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		-		2		-		-		2		57		59
Other items		-		-		9		-		-		-		9		454		463
As of September 30, 2011		2,363,752,941		5,909		65,862		(3,091)		(109,556,645)		(3,390)		65,290		1,467		66,757
Net income of the fourth quarter		-		-		2,290		-		-		-		2,290		94		2,384
Other comprehensive Income		-		-		186		2,002		-		-		2,188		59		2,247
Comprehensive Income		-		-		2,476		2,002		-		-		4,478		153		4,631
Dividend		-		-		(1,284)		-		-		-		(1,284)		(75)		(1,359)
Issuance of common shares		14,372		-		-		-		-		-		-		-		-
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares (1)		-		-		-		-		2,472		-		-		-		-
Share-based payments		-		-		37		-		-		-		37		-		37
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		(553)		101		-		-		(452)		(180)		(632)
Other items		-		-		(32)		-		-		-		(32)		(13)		(45)
As of December 31, 2011		2,363,767,313		5,909		66,506		(988)		(109,554,173)		(3,390)		68,037		1,352		69,389
Net income of the first nine months		-		-		8,313		-		-		-		8,313		110		8,423
Other comprehensive Income		-		-		(246)		495		-		-		249		(8)		241
Comprehensive Income		-		-		8,067		495		-		-		8,562		102		8,664
Dividend		-		-		(3,913)		-		-		-		(3,913)		(100)		(4,013)
Issuance of common shares		2,151,933		6		26		-		-		-		32		-		32
Purchase of treasury shares		-		-		-		-		(1,800,000)		(68)		(68)		-		(68)
Sale of treasury shares (1)		-		-		(116)		-		2,960,542		116		-		-		-
Share-based payments		-		-		114		-		-		-		114		-		114
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		13		6		-		-		19		(18)		1
Other items		-		-		6		-		-		-		6		(61)		(55)
As of September 30, 2012		2,365,919,246		5,915		70,703		(487)		(108,393,631)		(3,342)		72,789		1,275		74,064

⁽¹⁾ Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3rd quarter 2012 (M€)	Â	Upstream	Â	Refining Chemicals	Â	Supply Marketing	Â	Corporate	Â	Intercompany	Â	Total
Non-Group sales		5,001		23,260		21,574		55		-		49,890
Intersegment sales		7,455		11,168		154		47		(18,824)		-
Excise taxes		-		(956)		(3,455)		-		-		(4,411)
Revenues from sales		12,456		33,472		18,273		102		(18,824)		45,479
Operating expenses		(5,279)		(31,914)		(17,836)		(249)		18,824		(36,454)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,779)		(321)		(136)		(10)		-		(3,246)
Operating income		4,398		1,237		301		(157)		-		5,779
Equity in net income (loss) of affiliates and other items		642		41		7		302		-		992
Tax on net operating income		(2,961)		(348)		(81)		(119)		-		(3,509)
Net operating income		2,079		930		227		26		-		3,262
Net cost of net debt												(125)
Non-controlling interests		Â		Â		Â		Â		Â		(71)
Net income												3,066
Â		Â		Â		Â		Â		Â		Â
3rd quarter 2012 (adjustments) (a) (M€)		Upstream		Refining Chemicals		Supply Marketing		Corporate		Intercompany		Total
Non-Group sales		(8)		-		-		-		-		(8)
Intersegment sales		-		-		-		-		-
Excise taxes		-		-		-		-		-		Â
Revenues from sales		(8)		-		-		-		-		(8)
Operating expenses		3		593		(42)		-		-		554
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,134)		(2)		(14)		-		-		(1,150)
Operating income (b)		(1,139)		591		(56)		-		-		(604)
Equity in net income (loss) of affiliates and other items		-		5		33		293		-		331
Tax on net operating income		327		(230)		7		(90)		-		14
Net operating income (b)		(812)		366		(16)		203		-		(259)
Net cost of net debt												-
Non-controlling interests		Â		Â		Â		Â		Â		(23)
Net income												(282)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   (b) Of which inventory valuation effect		Â		Â		Â		Â		Â		Â
On operating income		-		627		139		-
On net operating income		-		444		94		-
Â		Â		Â		Â		Â		Â		Â
3rd quarter 2012 (adjusted) (M€) (a)		Upstream		Refining Chemicals		Supply Marketing		Corporate		Intercompany		Total
Non-Group sales		5,009		23,260		21,574		55		-		49,898
Intersegment sales		7,455		11,168		154		47		(18,824)		-
Excise taxes		-		(956)		(3,455)		-		-		(4,411)
Revenues from sales		12,464		33,472		18,273		102		(18,824)		45,487
Operating expenses		(5,282)		(32,507)		(17,794)		(249)		18,824		(37,008)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,645)		(319)		(122)		(10)		-		(2,096)
Adjusted operating income		5,537		646		357		(157)		-		6,383
Equity in net income (loss) of affiliates and other items		642		36		(26)		9		-		661
Tax on net operating income		(3,288)		(118)		(88)		(29)		-		(3,523)
Adjusted net operating income		2,891		564		243		(177)		-		3,521
Net cost of net debt												(125)
Non-controlling interests		Â		Â		Â		Â		Â		(48)
Ajusted net income		Â		Â		Â		Â		Â		3,348
Adjusted fully-diluted earnings per share (€)		Â		Â		Â		Â		Â		1.48
(a) Except for per share amounts.
Â		Â		Â		Â		Â		Â		Â
3rd quarter 2012 (M€)		Upstream		Refining Chemicals		Supply Marketing		Corporate		Intercompany		Total
Total expenditures		4,567		441		383		25		-		5,416
Total divestments		401		55		41		1,138		-		1,635
Cash flow from operating activities		3,457		1,036		692		(22)		-		5,163

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

2nd quarter 2012 (M€)	Â	Upstream	Â	Refining Chemicals	Â	Supply Marketing	Â	Corporate	Â	Intercompany	Â	Total
Non-Group sales		4,977		22,592		21,519		47		-		49,135
Intersegment sales		7,751		10,474		222		48		(18,495)		-
Excise taxes		-		(874)		(3,686)		1		-		(4,559)
Revenues from sales		12,728		32,192		18,055		96		(18,495)		44,576
Operating expenses		(6,190)		(32,646)		(17,764)		(285)		18,495		(38,390)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,513)		(319)		(189)		(7)		-		(2,028)
Operating income		5,025		(773)		102		(196)		-		4,158
Equity in net income (loss) of affiliates and other items		448		23		(14)		(156)		-		301
Tax on net operating income		(2,911)		256		(62)		(14)		-		(2,731)
Net operating income		2,562		(494)		26		(366)		-		1,728
Net cost of net debt												(116)
Non-controlling interests		Â		Â		Â		Â		Â		(27)
Net income												1,585
Â		Â		Â		Â		Â		Â		Â
2nd quarter 2012 (adjustments) (a) (M€)		Upstream		Refining Chemicals		Supply Marketing		Corporate		Intercompany		Total
Non-Group sales		11		-		-		-		-		11
Intersegment sales		-		-		-		-		-
Excise taxes		-		-		-		-		-		Â
Revenues from sales		11		-		-		-		-		11
Operating expenses		(18)		(1,238)		(148)		(23)		-		(1,427)
Depreciation, depletion and amortization of tangible assets and mineral interests		-		-		(46)		-		-		(46)
Operating income (b)		(7)		(1,238)		(194)		(23)		-		(1,462)
Equity in net income (loss) of affiliates and other items		-		(40)		(8)		(244)		-		(292)
Tax on net operating income		9		401		47		(9)		-		448
Net operating income (b)		2		(877)		(155)		(276)		-		(1,306)
Net cost of net debt												-
Non-controlling interests		Â		Â		Â		Â		Â		33
Net income												(1,273)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   (b) Of which inventory valuation effect		Â		Â		Â		Â		Â		Â
On operating income		-		(1,238)		(146)		-
On net operating income		-		(877)		(99)		-
Â		Â		Â		Â		Â		Â		Â
2nd quarter 2012 (adjusted) (M€) (a)		Upstream		Refining Chemicals		Supply Marketing		Corporate		Intercompany		Total
Non-Group sales		4,966		22,592		21,519		47		-		49,124
Intersegment sales		7,751		10,474		222		48		(18,495)		-
Excise taxes		-		(874)		(3,686)		1		-		(4,559)
Revenues from sales		12,717		32,192		18,055		96		(18,495)		44,565
Operating expenses		(6,172)		(31,408)		(17,616)		(262)		18,495		(36,963)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,513)		(319)		(143)		(7)		-		(1,982)
Adjusted operating income		5,032		465		296		(173)		-		5,620
Equity in net income (loss) of affiliates and other items		448		63		(6)		88		-		593
Tax on net operating income		(2,920)		(145)		(109)		(5)		-		(3,179)
Adjusted net operating income		2,560		383		181		(90)		-		3,034
Net cost of net debt												(116)
Non-controlling interests		Â		Â		Â		Â		Â		(60)
Ajusted net income		Â		Â		Â		Â		Â		2,858
Adjusted fully-diluted earnings per share (€)		Â		Â		Â		Â		Â		1.26
(a) Except for per share amounts.
Â		Â		Â		Â		Â		Â		Â
2nd quarter 2012 (M€)		Upstream		Refining Chemicals		Supply Marketing		Corporate		Intercompany		Total
Total expenditures		4,227		501		212		24		-		4,964
Total divestments		234		7		20		719		-		980
Cash flow from operating activities		5,298		625		(140)		384		-		6,167

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3rd quarter 2011 (M€)	Â	Upstream	Â	Refining Chemicals	Â	Supply Marketing	Â	Corporate	Â	Intercompany	Â	Total
Non-Group sales		4,770		19,267		22,124		2		-		46,163
Intersegment sales		6,571		11,190		218		45		(18,024)		-
Excise taxes		-		(502)		(4,136)		-		-		(4,638)
Revenues from sales		11,341		29,955		18,206		47		(18,024)		41,525
Operating expenses		(4,904)		(29,539)		(17,766)		(136)		18,024		(34,321)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,262)		(473)		(129)		(9)		-		(1,873)
Operating income		5,175		(57)		311		(98)		-		5,331
Equity in net income (loss) of affiliates and other items		974		496		118		24		-		1,612
Tax on net operating income		(3,420)		9		(93)		41		-		(3,463)
Net operating income		2,729		448		336		(33)		-		3,480
Net cost of net debt												(133)
Non-controlling interests		Â		Â		Â		Â		Â		(33)
Net income												3,314
Â		Â		Â		Â		Â		Â		Â
3rd quarter 2011 (adjustments) (a) (M€)		Upstream		Refining Chemicals		Supply Marketing		Corporate		Intercompany		Total
Non-Group sales		(14)		-		-		-		-		(14)
Intersegment sales		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-
Revenues from sales		(14)		-		-		-		-		(14)
Operating expenses		-		(191)		(1)		-		-		(192)
Depreciation, depletion and amortization of tangible assets and mineral interests		(75)		(171)		-		-		-		(246)
Operating income (b)		(89)		(362)		(1)		-		-		(452)
Equity in net income (loss) of affiliates and other items		554		410		148		15		-		1,127
Tax on net operating income		(124)		33		(6)		(71)		-		(168)
Net operating income (b)		341		81		141		(56)		-		507
Net cost of net debt												-
Non-controlling interests		Â		Â		Â		Â		Â		6
Net income												513
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   (b) Of which inventory valuation effect		Â		Â		Â		Â		Â		Â
On operating income		-		(121)		9		-
On net operating income		-		(93)		3		-
Â		Â		Â		Â		Â		Â		Â
3rd quarter 2011 (adjusted) (M€) (a)		Upstream		Refining Chemicals		Supply Marketing		Corporate		Intercompany		Total
Non-Group sales		4,784		19,267		22,124		2		-		46,177
Intersegment sales		6,571		11,190		218		45		(18,024)		-
Excise taxes		-		(502)		(4,136)		-		-		(4,638)
Revenues from sales		11,355		29,955		18,206		47		(18,024)		41,539
Operating expenses		(4,904)		(29,348)		(17,765)		(136)		18,024		(34,129)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,187)		(302)		(129)		(9)		-		(1,627)
Adjusted operating income		5,264		305		312		(98)		-		5,783
Equity in net income (loss) of affiliates and other items		420		86		(30)		9		-		485
Tax on net operating income		(3,296)		(24)		(87)		112		-		(3,295)
Adjusted net operating income		2,388		367		195		23		-		2,973
Net cost of net debt												(133)
Non-controlling interests		Â		Â		Â		Â		Â		(39)
Ajusted net income		Â		Â		Â		Â		Â		2,801
Adjusted fully-diluted earnings per share (€)		Â		Â		Â		Â		Â		1.24
(a) Except for per share amounts.
Â		Â		Â		Â		Â		Â		Â
3rd quarter 2011 (M€)		Upstream		Refining Chemicals		Supply Marketing		Corporate		Intercompany		Total
Total expenditures		3,426		423		48		24		-		3,921
Total divestments		936		2,422		1,380		344		-		5,082
Cash flow from operating activities		4,042 *		1,557		516		(151) *		-		5,964

* Reclassification of intercompany transactions between Upstream and Corporate for €823 million with no impact on the total of cash flow from operating activities.

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

9 months 2012 (M€)	Â	Upstream	Â	Refining Chemicals	Â	Supply Marketing	Â	Corporate	Â	Intercompany	Â	Total
Non-Group sales		16,155		68,948		64,945		145		-		150,193
Intersegment sales		23,440		33,457		607		140		(57,644)		-
Excise taxes		-		(2,634)		(10,729)		-		-		(13,363)
Revenues from sales		39,595		99,771		54,823		285		(57,644)		136,830
Operating expenses		(18,008)		(97,617)		(53,588)		(764)		57,644		(112,333)
Depreciation, depletion and amortization of tangible assets and mineral interests		(5,685)		(954)		(447)		(26)		-		(7,112)
Operating income		15,902		1,200		788		(505)		-		17,385
Equity in net income (loss) of affiliates and other items		1,633		156		(76)		263		-		1,976
Tax on net operating income		(9,858)		(306)		(299)		(129)		-		(10,592)
Net operating income		7,677		1,050		413		(371)		-		8,769
Net cost of net debt												(346)
Non-controlling interests		Â		Â		Â		Â		Â		(110)
Net income												8,313
Â		Â		Â		Â		Â		Â		Â
9 months 2012 (adjustments) (a) (M€)		Upstream		Refining Chemicals		Supply Marketing		Corporate		Intercompany		Total
Non-Group sales		(22)		-		-		-		-		(22)
Intersegment sales		-		-		-		-		-
Excise taxes		-		-		-		-		-		Â
Revenues from sales		(22)		-		-		-		-		(22)
Operating expenses		(15)		138		(127)		(88)		-		(92)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,134)		(2)		(60)		-		-		(1,196)
Operating income (b)		(1,171)		136		(187)		(88)		-		(1,310)
Equity in net income (loss) of affiliates and other items		-		(12)		4		159		-		151
Tax on net operating income		341		(82)		32		(106)		-		185
Net operating income (b)		(830)		42		(151)		(35)		-		(974)
Net cost of net debt												-
Non-controlling interests		Â		Â		Â		Â		Â		7
Net income												(967)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   (b) Of which inventory valuation effect		Â		Â		Â		Â		Â		Â
On operating income		-		172		56		-
On net operating income		-		120		35		-
Â		Â		Â		Â		Â		Â		Â
9 months 2012 (adjusted) (M€) (a)		Upstream		Refining Chemicals		Supply Marketing		Corporate		Intercompany		Total
Non-Group sales		16,177		68,948		64,945		145		-		150,215
Intersegment sales		23,440		33,457		607		140		(57,644)		-
Excise taxes		-		(2,634)		(10,729)		-		-		(13,363)
Revenues from sales		39,617		99,771		54,823		285		(57,644)		136,852
Operating expenses		(17,993)		(97,755)		(53,461)		(676)		57,644		(112,241)
Depreciation, depletion and amortization of tangible assets and mineral interests		(4,551)		(952)		(387)		(26)		-		(5,916)
Adjusted operating income		17,073		1,064		975		(417)		-		18,695
Equity in net income (loss) of affiliates and other items		1,633		168		(80)		104		-		1,825
Tax on net operating income		(10,199)		(224)		(331)		(23)		-		(10,777)
Adjusted net operating income		8,507		1,008		564		(336)		-		9,743
Net cost of net debt												(346)
Non-controlling interests		Â		Â		Â		Â		Â		(117)
Ajusted net income		Â		Â		Â		Â		Â		9,280
Adjusted fully-diluted earnings per share (€)		Â		Â		Â		Â		Â		4.10
(a) Except for per share amounts.
Â		Â		Â		Â		Â		Â		Â
9 months 2012 (M€)		Upstream		Refining Chemicals		Supply Marketing		Corporate		Intercompany		Total
Total expenditures		14,100		1,371		793		56		-		16,320
Total divestments		1,383		203		106		2,613		-		4,305
Cash flow from operating activities		14,521		1,625		108		343		-		16,597

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

9 months 2011 (M€)	Â	Upstream	Â	Refining Chemicals	Â	Supply Marketing	Â	Corporate	Â	Intercompany	Â	Total
Non-Group sales		16,079		57,741		63,367		14		-		137,201
Intersegment sales		19,851		32,198		615		129		(52,793)		-
Excise taxes		-		(1,483)		(12,126)		-		-		(13,609)
Revenues from sales		35,930		88,456		51,856		143		(52,793)		123,592
Operating expenses		(15,883)		(85,997)		(50,369)		(450)		52,793		(99,906)
Depreciation, depletion and amortization of tangible assets and mineral interests		(3,602)		(1,106)		(356)		(26)		-		(5,090)
Operating income		16,445		1,353		1,131		(333)		-		18,596
Equity in net income (loss) of affiliates and other items		1,874		608		118		294		-		2,894
Tax on net operating income		(10,233)		(444)		(341)		(12)		-		(11,030)
Net operating income		8,086		1,517		908		(51)		-		10,460
Net cost of net debt												(263)
Non-controlling interests		Â		Â		Â		Â		Â		(211)
Net income												9,986
Â		Â		Â		Â		Â		Â		Â
9 months 2011 (adjustments) (a) (M€)		Upstream		Refining Chemicals		Supply Marketing		Corporate		Intercompany		Total
Non-Group sales		15		-		-		-		-		15
Intersegment sales		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-
Revenues from sales		15		-		-		-		-		15
Operating expenses		-		785		229		-		-		1,014
Depreciation, depletion and amortization of tangible assets and mineral interests		(75)		(171)		-		-		-		(246)
Operating income (b)		(60)		614		229		-		-		783
Equity in net income (loss) of affiliates and other items		722		405		106		69		-		1,302
Tax on net operating income		(326)		(315)		(78)		(73)		-		(792)
Net operating income (b)		336		704		257		(4)		-		1,293
Net cost of net debt												-
Non-controlling interests		Â		Â		Â		Â		Â		(6)
Net income												1,287
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.   (b) Of which inventory valuation effect		Â		Â		Â		Â		Â		Â
On operating income		-		904		253		-
On net operating income		-		629		178		-
Â		Â		Â		Â		Â		Â		Â
9 months 2011 (adjusted) (M€) (a)		Upstream		Refining Chemicals		Supply Marketing		Corporate		Intercompany		Total
Non-Group sales		16,064		57,741		63,367		14		-		137,186
Intersegment sales		19,851		32,198		615		129		(52,793)		-
Excise taxes		-		(1,483)		(12,126)		-		-		(13,609)
Revenues from sales		35,915		88,456		51,856		143		(52,793)		123,577
Operating expenses		(15,883)		(86,782)		(50,598)		(450)		52,793		(100,920)
Depreciation, depletion and amortization of tangible assets and mineral interests		(3,527)		(935)		(356)		(26)		-		(4,844)
Adjusted operating income		16,505		739		902		(333)		-		17,813
Equity in net income (loss) of affiliates and other items		1,152		203		12		225		-		1,592
Tax on net operating income		(9,907)		(129)		(263)		61		-		(10,238)
Adjusted net operating income		7,750		813		651		(47)		-		9,167
Net cost of net debt												(263)
Non-controlling interests		Â		Â		Â		Â		Â		(205)
Ajusted net income		Â		Â		Â		Â		Â		8,699
Adjusted fully-diluted earnings per share (€)		Â		Â		Â		Â		Â		3.86
(a) Except for per share amounts.
Â		Â		Â		Â		Â		Â		Â
9 months 2011 (M€)		Upstream		Refining Chemicals		Supply Marketing		Corporate		Intercompany		Total
Total expenditures		14,528		1,286		1,289		71		-		17,174
Total divestments		2,192		2,451		1,428		1,012		-		7,083
Cash flow from operating activities		13,497		2,795		407		43		-		16,742

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

(unaudited)

3rd quarter 2012 (M€)	Â	Adjusted	Â	Adjustments (a)	Â	Consolidated statement of income
Sales		49,898		(8)		49,890
Excise taxes		(4,411)		-		(4,411)
Revenues from sales		45,487		(8)		45,479
Purchases net of inventory variation		(31,375)		766		(30,609)
Other operating expenses		(5,316)		(212)		(5,528)
Exploration costs		(317)		-		(317)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,096)		(1,150)		(3,246)
Other income		142		332		474
Other expense		(114)		(15)		(129)
Financial interest on debt		(154)		-		(154)
Financial income from marketable securities & cash equivalents		8		-		8
Cost of net debt		(146)		-		(146)
Other financial income		141		-		141
Other financial expense		(135)		-		(135)
Equity in net income (loss) of affiliates		627		14		641
Income taxes		(3,502)		14		(3,488)
Consolidated net income		3,396		(259)		3,137
Group share		3,348		(282)		3,066
Non-controlling interests		48		23		71
						Â
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
						Â
3rd quarter 2011 (M€)		Adjusted		Adjustments (a)		Consolidated statement of income
Sales		46,177		(14)		46,163
Excise taxes		(4,638)		-		(4,638)
Revenues from sales		41,539		(14)		41,525
Purchases net of inventory variation		(28,906)		(112)		(29,018)
Other operating expenses		(4,981)		(80)		(5,061)
Exploration costs		(242)		-		(242)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,627)		(246)		(1,873)
Other income		69		1,265		1,334
Other expense		(95)		(117)		(212)
Financial interest on debt		(262)		-		(262)
Financial income from marketable securities & cash equivalents		114		-		114
Cost of net debt		(148)		-		(148)
Other financial income		108		-		108
Other financial expense		(115)		-		(115)
Equity in net income (loss) of affiliates		518		(21)		497
Income taxes		(3,280)		(168)		(3,448)
Consolidated net income		2,840		507		3,347
Group share		2,801		513		3,314
Non-controlling interests		39		(6)		33
						Â
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

9 months 2012 (M€)	Â	Adjusted	Â	Adjustments (a)	Â	Consolidated statement of income
Sales		150,215		(22)		150,193
Excise taxes		(13,363)		-		(13,363)
Revenues from sales		136,852		(22)		136,830
Purchases net of inventory variation		(95,172)		228		(94,944)
Other operating expenses		(16,127)		(320)		(16,447)
Exploration costs		(942)		-		(942)
Depreciation, depletion and amortization of tangible assets and mineral interests		(5,916)		(1,196)		(7,112)
Other income		447		541		988
Other expense		(314)		(362)		(676)
Financial interest on debt		(511)		-		(511)
Financial income from marketable securities & cash equivalents		67		-		67
Cost of net debt		(444)		-		(444)
Other financial income		435		-		435
Other financial expense		(389)		-		(389)
Equity in net income (loss) of affiliates		1,646		(28)		1,618
Income taxes		(10,679)		185		(10,494)
Consolidated net income		9,397		(974)		8,423
Group share		9,280		(967)		8,313
Non-controlling interests		117		(7)		110
							Â
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
							Â
9 months 2011 (M€)		Adjusted		Adjustments (a)		Consolidated statement of income
Sales		137,186		15		137,201
Excise taxes		(13,609)		-		(13,609)
Revenues from sales		123,577		15		123,592
Purchases net of inventory variation		(85,816)		1,157		(84,659)
Other operating expenses		(14,424)		(143)		(14,567)
Exploration costs		(680)		-		(680)
Depreciation, depletion and amortization of tangible assets and mineral interests		(4,844)		(246)		(5,090)
Other income		178		1,487		1,665
Other expense		(224)		(185)		(409)
Financial interest on debt		(557)		-		(557)
Financial income from marketable securities & cash equivalents		216		-		216
Cost of net debt		(341)		-		(341)
Other financial income		518		-		518
Other financial expense		(327)		-		(327)
Equity in net income (loss) of affiliates		1,447		-		1,447
Income taxes		(10,160)		(792)		(10,952)
Consolidated net income		8,904		1,293		10,197
Group share		8,699		1,287		9,986
Non-controlling interests		205		6		211
							Â
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Tel. : [phone]

Fax : [phone]

Martin DEFFONTAINES

Matthieu GOT

Karine KACZKA

Robert PERKINS

Magali PAILHE

or

Robert HAMMOND (U.S.)

Tel. : [phone]

Fax : [phone]